Trading activity showed TMG Holding's stock taking 5% of the market's liquidity, placing it second only to EFG Holding, which accounted for over 6%.
Total trading value on the EGX reached approximately 3.587
billion Egyptian pounds by mid-session. The value traded on TMG’s stock stood
at about 166.57 million pounds, with the share price increasing by 1.55%.
The surge comes days after TMG announced that its
subsidiary, the Arab Company for Hotel and Tourism Investments (ICON), began
implementing a large-scale tourism hotel project near the Grand Egyptian Museum
(GEM), in partnership with the New Urban Communities Authority (NUCA).
The project is spanning 42.4 feddans It is expected to generate net recurring
income exceeding $82 million annually, and net real estate sales revenue
totaling approximately $233 million over the duration of the project.
The comprehensive development will include a five-star
luxury hotel with a capacity of up to 495 rooms under international management,
a collection of restaurants and commercial outlets, serviced residential and
administrative units, and a complete entertainment zone.
TMG also noted that it is simultaneously working on the restoration of the historic Mena House Hotel, along with the renovation of its other historic hotels, such as the Marriott Zamalek and the Winter Palace in Luxor. The group described these efforts as aligning with the Egyptian state’s objectives to boost the tourism sector and attract foreign investment.